SAN FRANCISCO, February 3, 2016 /PRNewswire/ --
The global plate and frame heat exchanger market is expected to reach USD 5.99 billion by 2022, according to a new report by Grand View Research, Inc. Growing awareness towards energy efficiency coupled with construction space constraints is expected to drive the market over the forecast period. Surging demand for thermal management in district heating applications is expected to drive product significance in commercial and residential sectors over the long term.
Technological advancements along with surging requirement for heat recovery utilities in chemical, food & beverage and HVAC sectors is expected to steer plate and frame heat exchangers market growth. Growing energy efficient utilities need along with expanding power generation infrastructure in economies including India, Vietnam, China and Thailand is anticipated to drive market growth.
Browse full research report with TOC on "Plate and Frame Heat Exchanger Market Analysis By Product (Brazed, Gasketed, Welded), By End-Use (Chemical, Food & Beverage, HVAC & Refrigeration, Oil & Gas, Power Generation, Pulp & Paper) And Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/plate-and-frame-heat-exchanger-market
Welded systems emerged as the leading product segment and accounted for over 20% of total market revenue in 2014. Owing to its widespread use in oil & gas, automobile, pharmaceuticals, petrochemicals and paper manufacturing industries, the segment is expected to gain share over other counterparts over the next seven years. This product segment is anticipated to increase penetration in oil & gas industry owing to reduced chance of leakage and enhanced corrosion resistance.
Further key findings from the report suggest:
- Global plate & frame heat exchanger market was worth USD 3.41 billion in 2014 and is expected to reach USD 5.99 billion by 2022, at a CAGR of 7.3% from 2015 to 2022
- Chemicals emerged as the leading end-use industry with demand share estimated at 23.9% in 2014. Growing chemical & petrochemical industry particularly in the U.S., Germany and China is anticipated to impact plate & frame heat exchangers demand positively over the next seven years. HVAC & refrigeration is expected to witness the highest growth of 8.0% from 2015 to 2022.
- Europe was the leading regional market and accounted for 37.5% of global revenue in 2014. Increasing product use across refineries and chemical industries owing to stringent government regulations have been the major factor contributing for high penetration.
- Asia Pacific is expected to witness the highest gains in its market size over the forecast period. The region is expected to grow at an estimated CAGR of 8.4% from 2015 to 2022.
- The global industry is moderately fragmented with presence of large number participants across the globe. Major companies involved in manufacturing & distribution of plate heat exchangers include AIC S.A., API Heat Transfer, Danfoss, Fischer Maschinen-und Apparatebau AG, Kelvion, Guntner, Hisaka Works, Alfa Laval, Kaori Heat Treatment and SWEP International.
Grand View Research has segmented the plate and frame heat exchanger market on the basis of product, application and region:
- Global Plate and Frame Heat Exchanger Product Outlook (Revenue, USD Million, 2012 - 2022)
- Brazed plate heat exchanger
- Gasketed plate & frame heat exchanger
- Welded plate & frame heat exchanger
- Global Plate and Frame Heat Exchanger End-Use Outlook (Revenue, USD Million, 2012 - 2022)
- Food & beverage
- HVAC & refrigeration
- Oil & gas
- Power generation
- Pulp & paper
- Global Plate and Frame Heat Exchanger Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Central & South America
- Middle East and Africa
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
SOURCE Grand View Research, Inc.